Crypto market update August 17: ETH reclaims $1,900 as HYPE and PUMP rally

The crypto market is showing modest gains on August 17, with Bitcoin holding above $63,500 while Ethereum reclaims the $1,900 level. Despite broader market sentiment remaining firmly in fear territory, Pump.fun’s PUMP and Hyperliquid’s HYPE are outperforming the wider market.

The total crypto market capitalization has risen nearly 1% to $2.18 trillion, while trading activity has picked up sharply following the weekend slowdown.

Crypto market outlook as sentiment remains weak

The crypto market is moving within a relatively narrow range today, with the total market capitalization up 0.93% to $2.18 trillion.

Bitcoin is trading around $63,537, up 0.96%, while Ethereum has gained 1.27% to $1,902. XRP remains close to the $1 level, rising 0.08%.

Among the top 10 cryptocurrencies, most are trading higher, although the gains remain limited. HYPE is currently the strongest performer in the group, climbing 4.12% to around $59.

PUMP is also outperforming the broader market. The token has gained about 5% today to trade near $0.0028.

The gains come despite continued weakness in overall investor sentiment. Glassnode recently highlighted extremely low US consumer confidence, with investors increasingly favoring equities and AI-related stocks over crypto.

Geopolitical uncertainty is also adding another layer of caution. The situation surrounding the US-Iran ceasefire remains uncertain, with conflicting reports about whether the agreement will be extended.

However, crypto prices have remained relatively resilient as expectations for US monetary policy become more supportive.

Goldman Sachs recently argued that markets remain too hawkish on the Federal Reserve, while prediction markets currently place only about a 25% chance of a September rate hike.

Crypto market data August 17

Crypto derivatives activity rebounds after weekend slowdown

Derivatives activity has picked up significantly as traders return after the weekend.

According to CoinGlass data cited in the source material, total crypto derivatives volume has increased 72% to approximately $96 billion. Bitcoin futures volume on Binance stands at about $7.04 billion, while Ethereum futures volume is around $5.26 billion.

Open interest has also increased 2.7% to approximately $119 billion.

The increase in trading activity has come with a sharp rise in liquidations. Total crypto liquidations have climbed 253% to $136 million, including approximately $80.9 million in short liquidations and $55.5 million in long liquidations.

Positioning has also become more balanced. The long taker buy/sell reading has fallen from 64% on August 16 to around 51%, indicating that short-side activity is beginning to catch up with long positioning.

The shift suggests that traders are becoming more willing to bet against the recent rebound, particularly as Bitcoin remains below major resistance levels.

Ethereum price outlook: Can ETH break $1,917?

Ethereum has been one of the stronger large-cap cryptocurrencies today, reclaiming the $1,900 level after briefly reaching $1,910.

The four-hour chart shows Ethereum forming its largest four-hour candle since August 12. Rising green volume bars indicate stronger buying activity behind the move.

Ethereum's relative strength index (RSI) is around 66, suggesting that short-term momentum currently favors buyers.

However, ETH still faces an important resistance level at $1,917.

A decisive close above $1,917, particularly if followed by several bullish candles, could open the door toward the next resistance around $1,980.

On the other hand, another rejection at $1,917 could push Ethereum back toward the lower Bollinger Band around $1,867.

For now, the $1,917 level remains the key price area to watch.

HYPE targets $65 as bullish reversal takes shape

Hyperliquid's HYPE token has also emerged as one of the day's strongest performers, reaching $59 for the first time since July 27.

Three consecutive days of rising volume bars suggest that buying pressure is supporting the move.

HYPE has also formed a double-bottom pattern, which can signal a potential bullish reversal when confirmed by a breakout.

The token has already moved above the pattern's resistance, strengthening the bullish setup.

If HYPE can maintain a close above $58, the token could potentially extend its recent 13% move and target around $65.

However, maintaining the breakout will be important because a move back below the pattern's resistance could weaken the bullish setup.

PUMP extends August rally as buybacks support demand

PUMP has been another major outperformer in August.

The token is up approximately 40% since August 1 and is trading around $0.0029. The rally has coincided with continued token buybacks funded by revenue generated by the Pump.fun launchpad.

Those buybacks have helped attract additional attention toward PUMP and contributed to the token reaching overbought territory earlier this month.

The RSI is currently around 69, indicating that momentum remains strong but is approaching overbought territory.

If the rally continues, the next potential target is around $0.0034, corresponding to the 123.6% Fibonacci extension highlighted in the analysis.

A cooling RSI, however, could signal a period of consolidation before another move higher.

Bitcoin remains steady as altcoins take the spotlight

Bitcoin's relatively modest 0.96% gain means the largest cryptocurrency is not leading today's market rebound.

Instead, Ethereum and selected altcoins such as HYPE and PUMP are attracting more attention.

The broader market remains cautious, with the Fear & Greed Index at 31 and the Altcoin Season Index at 47. At the same time, derivatives activity has surged, suggesting traders are becoming more active after the weekend.

Related: For comparison, the August 16 market update highlighted Bitcoin, Ethereum and XRP stalling ahead of the FOMC minutes. Today's rebound therefore represents a modest shift from the previous day's subdued trading conditions.

The next major catalysts remain US monetary-policy expectations, geopolitical developments and whether Bitcoin can establish a stronger move above its current trading range.